Cooling measures deter foreign home buyers

By Esther Teo

LAST December's cooling measures have continued to deter overseas buyers from the property market.

Foreign purchases made up just 7 per cent of the private market in the three months to Sept 30, well down from their 18 per cent share for the whole of last year, according to property consultancy DTZ.

The trend was equally evident over the first nine months of the year with only 6 per cent of purchases coming from foreigners.

There were just 504 purchases by non-permanent resident (PR) foreigners in the third quarter with eight being for landed home sales.